Half of Traditional IRA Holders Did Plan
Rollovers

September 27, 2001 (PLANSPONSOR.com) - Nearly half
of the estimated 34 million US households owning a
traditional Individual Retirement Account (IRA) this year
have rolled over money from an employer-sponsored retirement
account.

The Investment Company Institute (ICI) said 44% of the
traditional IRA holders had completed a rollover – 76% due
to a job change and 22% because of retirement.

As of May 2001, the traditional IRA holders represented
more than three-quarters of the estimated 44.3 million
households owning an IRA of any kind, according to the ICI.
The remainder included 11% of US households holding a Roth
IRA and 8% of households owning a Simple, SEP or SAR-SEP
IRA.

The portrait of Traditional IRA holders painted in the
ICI report included that, as of May 2001:

they had a median balance of $30,000 in two
accounts

the primary IRA decisionmaker or co-decisionmaker had
a median age of 50 years, $62,500 in median household
income, and $180,000 in median financial assets
(including in employer plans)

65% were married, 61% had a college or post-graduate
degree, and 18% were self employed.

72% were also had money in an employer DC plan
including 56% in a K plan

55% also participated in a DB plan.

Of the Traditional IRA holders, 35% held the account in
a full-service brokerage, 33% with a mutual fund company,
29% with a bank, 27% with a financial planner, and 16% with
a discount broker.